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JP Morgan cuts jobs

JPMorgan Chase & Co announced thousands of job cuts as the mortgage lending business slows, and said it was lowering its profitability target. The company said it expected total headcount to fall by 5,000 to 260,000 in 2014. Around 6000 full-time and contract jobs in JPMorgan’s home loans unit and 2000 jobs in its branch and credit-card network will be cut. At the same time, the bank expects to add 3000 new jobs in its control function, including areas like compliance. Chief Executive Jamie Dimon said the job cuts are part of the adjustments the company has to make continually as its business changes. The cuts are also partly driven by a drop-off in mortgage financing. Of the 8,000 cuts, the majority will come from the mortgage banking side. While historically low mortgage rates led to a surge in home refinancings in recent years, the bank said in its fourth quarter earnings report that steadily rising interest rates have slowed that trend.

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